Currently, an industry exists that is supported by multiple companies, software, databases, and tools known as the “skip tracing” industry. Skip tracing describes the technique wherein one or more individuals use various resources to locate an individual or property for any number of purposes. Individuals who locate other individuals using such resources are colloquially known as skip tracers; they are quasi-investigators who use communications skills, investigative skills, skip tracing software, public and private databases, and other means to locate an individual.
One particular use of skip tracing is to locate individuals who allegedly owe a debt to a creditor. Often times, a person is being sought because he/she owes money to a creditor and has defaulted on the obligation. These obligations are usually secured by tangible property, assets or collateral which the lender is seeking to recover. For instance, a debtor may purchase a motor vehicle under a loan from a lender, with the lender taking a security interest in the motor vehicle. Should the debtor default by failing to meet the obligations of the loan terms, the lender may seek to recover the motor vehicle to help satisfy the conditions of the loan. Skip tracing may therefore be used to find the person(s), which may or may not be the debtor, who most likely has access to the motor vehicle that secures the loan. Skip tracing may also be used to locate the security interest itself (i.e., the motor vehicle). Upon locating the motor vehicle, the lender may choose to recover the asset to help satisfy the outstanding debt.
A potential problem encountered by skip tracers is that when a subject motor vehicle is located, there is no efficient and cost effective method to verify the description of the motor vehicle in order to determine whether the correct motor vehicle has been located.